EQUITIES: Attention turns to the US Open
Aug-15 13:26
Attention turns to the US Cash open, set for some upside gaps.
NDX will be getting closer to level it was trading at pre US ISM Mfg, and that poor Employment component released on the 1st August, was at around 19,326.55.- Calls: SPX: 5,505.6 (+0.9%); DJIA: 40,402 (+1.0%/+393pts); NDX: 19,248.7 (+1.2%).
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EQUITIES: E-Minis Point To Slight Positive Impetus At Open
Jul-16 13:26
E-minis have recovered from session lows, providing a modest positive bias into the cash open: S&P 500 e-mini +0.2%, NASDAQ 100 e-mini +0.3% & DJIA e-mini +0.4%.
- The major contracts are little changed to higher vs. pre-retail sales levels, with the firmer-than-expected data just about outweighing any hawkish repricing in Fed funds futures. A 25bp cut is still more than fully discounted come the end of the Sep FOMC.
- Financial earnings were mixed, leaving BofA higher pre-market (+1.5%), while Morgan Stanley (-2.8%) & Charles Schwab are indicated lower (-7.8%).
- United Health is indicated higher post-earnings (+2.8%).
- Microsoft is seemingly set to shake of any worry surrounding a UK antitrust probe at the open, indicated little changed at this juncture.
- Weakness in crude oil futures could weigh on related names early on.
US TSY FUTURES: Aug'24 10Y Call Ratio Sale
Jul-16 13:24
- -10,000 TYQ4 111.5/112 2x3 call spds, 10 vs. 111-03.5/0.16%
FOREX: Antipodeans Notably Weaker, AUDUSD at Support
Jul-16 13:19
- AUD: With the moderate greenback bid persisting following the stronger US retail sales and import price data, AUDUSD (-0.61%) finds itself as the weakest major pair and notably trades back down to the prior breakout level around 0.6715. This level closely matches with initial firm support at 0.6708, the 20-day EMA. Overall, bullish conditions remain intact for the pair and the latest pullback appears to be a correction.
- NZD: In similar vein, NZDUSD trades half a percent lower and is now below 0.6050, a notable pivot level on the chart. Overnight NZDUSD straddle pricing points to a 35 pip breakeven which incorporates the second quarter CPI print scheduled overnight. We pointed out yesterday that some desks have noted RBNZ cut expectations seem to be relatively stretched at this point, potentially setting a high bar for tomorrow’s data to confirm the market’s bias.
